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by Bjinse on Tue Oct 3rd, 2017 at 07:34:04 PM EST
Commission orders Amazon to pay €250 million in back taxes
The European Commission ordered Luxembourg on Wednesday (4 October) to recover unpaid taxes worth around €250 million from the online sales giant Amazon

Eurodad?
The same day, the Commission also decided to refer Ireland to the European Court of Justice for failing to recover from Apple illegal state aid worth up to €13 billion, as required by a previous Commission decision from August 2016, which Ireland has appealed.

indidentally: Amazon Faces Court Battle on State Tax Records

The Massachusetts Department of Revenue issued a directive days after the policy change, requiring out-of-state retailers to collect sales tax if they had more than 100 transactions in the state and collected at least $500,000 in revenue in 2016. [...] Massachusetts revenue officials sent Amazon their first records demand on Aug. 31, 2017, seeking information about all the third-party companies that do business through Amazon that have stored products in Massachusetts since 2012.

archived: "yanno, That $13B tax judgment against Apple (no arrests, there) ..."

btw, Where is Christine "IMF Mistress of Tax Evader CDs" Lagarde?

Diversity is the key to economic and political evolution.

by Cat on Wed Oct 4th, 2017 at 05:33:04 PM EST
[ Parent ]
On the Apple and Ireland subject, two recent diaries by Frank:
Ireland to appeal Apple Ruling
Global tax competition and its reduction
by Bernard on Wed Oct 4th, 2017 at 08:20:43 PM EST
[ Parent ]

courthousenews front page, 10 Oct 2017
behind a front-man, IMF chief economist Maurice Obstfeld

Diversity is the key to economic and political evolution.
by Cat on Tue Oct 10th, 2017 at 07:25:27 PM EST
[ Parent ]
picking up speed eh? Rocks do that when they fall off cliffs

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Wed Oct 11th, 2017 at 08:29:40 PM EST
[ Parent ]
The Guardian | Brexit transition deal needed by Christmas, says Bank official

A top official at the Bank of England has warned the government it has less than 12 weeks to agree a transition deal with the EU to prevent City firms starting to move jobs and business out of the UK.

Sam Woods, a deputy governor at the Bank, said City firms would activate their Brexit contingency plans if there was no deal on a transition period by Christmas which would mitigate the impact of a hard Brexit in March 2019. Woods also repeated his warning of the strain being put on the Bank's ability to police the financial sector as a result of the changes firms needed to make.



You might find me At The Edge Of Time.
by Luis de Sousa (luis[dot]a[dot]de[dot]sousa[at]gmail[dot]com) on Thu Oct 5th, 2017 at 09:16:21 AM EST
[ Parent ]
I think it's too late. They've put in too much effort to let go now.

The banks have already committed to re-locating various parts of their organisation, they've already done the logistics and real estate hmework. Large parts of the organisation have already identified the cost savings from re-organisations, rationalisations and down-sizing. They've worked out who's going and who's being let go.

And frankly, they're many things but they're not daft. They can pretend that there were many reasons to pretend that it was business as usual in the run up to 2008, but they know, absolutely, that in March 2019 the UK economy will crash like a runaway train going round a tight bend. They know that vast swathes of their business will simply die, overnight at the stroke of midnight. Turn out the lights, we won't need them anymore.

The gig's up. The City will go from Global Player to provincial backwater. And nothing the Tories do now is going to change that. Unless they turn around and announce that invoking A50 was all some grand jest and they're all very sorry but can we go back to normal now please.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Thu Oct 5th, 2017 at 12:21:23 PM EST
[ Parent ]
Bitcoin's Rise Happened in Shadows of Finance. Now Banks Want In
< wipes tears >

More interesting, I just noticed, Bloomberg is soliciting insider tips ... under color of WilkiLeaks-like xtreme anonymnity. Lemme test Firefox v.56 screen cap.

(a bit counterintuitive UI)

Diversity is the key to economic and political evolution.

by Cat on Thu Oct 5th, 2017 at 03:13:44 PM EST
[ Parent ]
14 days

Diversity is the key to economic and political evolution.
by Cat on Thu Oct 5th, 2017 at 03:14:25 PM EST
[ Parent ]
Netflix Sues Colorado Town Over $116K Sales-Tax Bill
"During the streaming process, subscribers view a reflection of plaintiff's video content. The reflection is streamed to a subscriber's device using pulses of light and data packets that are sent through the internet, hit the screen of the subscriber's device for a split second in succession and then immediately disappear."


Diversity is the key to economic and political evolution.
by Cat on Thu Oct 5th, 2017 at 09:48:30 PM EST
[ Parent ]
Interesting.

Guess they will have to change "you wouldn't steal a car" to "you wouldn't steal pulses of light and data packets that are sent through the internet, hit the screen of the subscriber's device for a split second in succession and then immediately disappear, because you can't, it is not a thing".

by fjallstrom on Fri Oct 6th, 2017 at 12:35:05 PM EST
[ Parent ]
Well, the city's tax is on the sale of tangible property. So the argument is about what is tangible. Electrons can shock you and photons can give your skin a burn. Does that count as tangible? Simpler to enact a tax on entertainment services delivered to the residents of the city. Then get in line to await court decisions. But don't hold your breath. SCOTUS now has a 5 R majority so 'No New Taxes' could be the law of the land.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Oct 6th, 2017 at 03:10:02 PM EST
[ Parent ]
Yes, this is an issue for litigation long over-due.

There is semantic interpretation of a property's properties to be resolved (hence, questionable diction in the pleading: "reflection" [?!]).

  1. physical identity of electrons (each and every instance) stored by data-type (pixel) declared, executed by "client-side" device (CPU application) which is personal property of the "end-user".

  2. accounting identity of the property transferred, or sold. Usage of "tangible" (contra "intangible") is GAAP-specific jargon for purposes of asset (read: produces income) qualification and NP valuation (eg. goodwill is intangible asset, contra patent/contract-related tangible assets).

Usage of tangible is also legal-specific jargon for purposes of assigning property ownership. In practice, assignments of "tangible attributes to personal property are broad and dichotomous.

The contract [EG. LICENSE] document (or the oral agreement) it-self  is not the intangible asset. The legal rights and duties of  the contract are the intangible asset.

What is a tangible service?. Given practicable ambiguity, one would have expected defendant to argue, transfer of property right is not executable; the asset is not sold, but licensed by the end-user (specified in service contract).

There is point-of-sale (POS) as applicable to collection of sales tax needing definition.

In the USA, unlike RoW VAT applications, transfer of a finished good typically defines POS in the so-called supply- and value-chains of production: the terminal. Profit ("value-added") attributable to transaction at any intermediate production point prior to final sale is indemnified, ie. prior transactions not subject to tax collection by the seller. Given each instance a buyer acquires the *good is measurable and finite (physical properties of transaction and terms of contract) ...

Are client-side pixels animated by server-side electrons finished goods subject to sales tax?

:: courts' judgments forthcoming
could have profound implications for definition and severability of personal property rights inherent in "user-defined" computing product. Apart from ubiquitous use of contracts of adhesion by ISP "platform" publishers, for example, AFIAK, USC draws property right distinctions between the electronic ("digital") product and "source code" (unique human person) on which the digital copy wholly relies for production of an electronic health record (EHRs). EHR producers are free to charge a fees for each and every copy of the EHR requested by the source-code "owner".


Diversity is the key to economic and political evolution.

by Cat on Tue Oct 10th, 2017 at 02:56:58 PM EST
[ Parent ]
"one would have expected defendant to argue" s/b plaintiff to argue ...". Netflix is plaintiff; City of Loveland is defendant ("respondent"). NB. The article does not supply Loveland brief.

p3-, 8 - 24 of plaintiff's brief identifies Loveland construction of audit and assessment of tax owed from Colorado statutes.

8. The Notice states that sales tax is due from Plaintiff on "sales/rental of tangible personal property" for which the sales tax was not charged to the customers or remitted to the City.

[emphasis added]

Plaintiff's argument @ 23-24 for indemnity relies on purportedly undefined terms, and semantic values, of "corporeal," "possession," and "use" EXCLUDING categorical definition  "all ... products and commodities" provided by citation to the language.

Doubtless because arguing that "service" exchanged for money ("consideration") is NOT a commodity --"something produced for commerce"-- ergo NOT a "tangible personal property" is more difficult to defend. The service produces a specific, "corporeal" product. < wipes tears >

DICTION, not emojis must adapt or die, ppl!

Diversity is the key to economic and political evolution.

by Cat on Tue Oct 10th, 2017 at 04:38:11 PM EST
[ Parent ]
If a non-customer "steals" these packets, presumably the same argument applies. How does netflix claim that one is theft and the other is non-taxable?
by gk (gk (gk quattro due due sette @gmail.com)) on Tue Oct 10th, 2017 at 03:06:30 PM EST
[ Parent ]
And not so long ago, telecom owner/operators ("public utilities") charged a fee for each and every use instance, "the phone call." The telecom owner/operator collected tax attributed to services, tangible and intangible, supplied with the call to the end-user, "the rate-payer".

What definition(s) of telecom calls and services has changed that indemnify "ISP" operator, buyer, and seller tax liabilities?

Diversity is the key to economic and political evolution.

by Cat on Tue Oct 10th, 2017 at 03:24:14 PM EST
[ Parent ]
Immense pressure is building in the UK economy. Either there will be a recession triggered by an interest rate rise or another serious dive of the Sterling.

The Independent | UK trade deficit at record high after pound slump fails to help export performance

The UK racked up a record trade in goods deficit in August, confirming the failure for the slump in sterling to help improve the UK's trade balance.

The Office for National Statistics reported that the UK exported £28.1bn of goods in the month and imported £42.4bn, leaving a deficit of £14.2, the highest on record.

Imports of chemicals, machinery and textiles all jumped, according to the ONS.

Over the three months to August exports fell 2.7 per cent while imports rose 3.9 per cent.



You might find me At The Edge Of Time.
by Luis de Sousa (luis[dot]a[dot]de[dot]sousa[at]gmail[dot]com) on Wed Oct 11th, 2017 at 09:10:09 AM EST
[ Parent ]
Imports are getting more expensive. Because of a cheaper sterling. It's all the Eurocrats' fault, as usual.
by Bernard on Wed Oct 11th, 2017 at 06:21:00 PM EST
[ Parent ]
the tories have got no idea how to boost the productive economy cos they've spent 40 years destroying it so that their mates in the City can loot and plunder tax free.

Now they have to earn their corn honestly and the very idea is beyond their grasp.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Wed Oct 11th, 2017 at 08:33:05 PM EST
[ Parent ]

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